Authored by: @hetty-rowan
Metaverse... is Facebook going to make it?
Facebook becomes Meta
Who doesn't know it? Facebook, good old Facebook. Mind reading, and a lot of drama... But Facebook as we all know it is going to change! Mark Zuckerberg presented the new branding. Facebook turns into Meta Platforms Inc.; simply Meta.
What is Meta?
So Meta is simply the former Facebook. Facebook started out in America as a networking concept. Students from universities, in the beginning only Harvard where Zuckerberg studied, could find each other online, after which this was expanded further. Over the years, interest has increased, making it a worldwide popular concept.
Facebook has long ceased to be an ordinary networking site, as the company has taken over several other social sites. The company belongs to the well-known Big Five, next to Amazon, Apple, Alphabet & Microsoft. These are the initiatives currently under the company:
- Messenger (does anyone still use it?)
- Oculus
- Workplace
- Portal
- Novic
- Metaverse
Why the Meta rebrand?
Then why the name change? For the very simple reason that Mark Zuckerberg is diving all in on the Metaverse. His goal is to bring 1 billion people worldwide together in a virtual reality world, the metaverse. Here, you can not only meet and play games, but also use social media and shop.
Meta on the stock market
Actually, it's better to call it Facebook's IPO, because that's what the company was called at the time, of course. It was preceded by a lot of speculation, but in May 2012 the time had finally come. A share cost $38 at the time, but soon after the IPO, the price dropped immediately.
Not only did the share drop, but the number of users also decreased. This raised serious questions about the IPO, the trading price and the future of the hitherto large company. The price continued to slide for a while until it hit rock bottom at $19 per share. It took no less than a year (!), but then the price rose again above the issue price.
In the years that followed, the price remained almost stable, until the moment in 2018: July 26. The price entered a dip and lost 20%, making Meta worth $110 billion in one fell swoop. Especially in Europe, the number of users decreased, which was definitely not expected by the company.
The Facebook Files
Facebook has already survived several hurdles, including the Facebook-Cambridge Analytica scandal, stricter privacy laws in Europe and changes in advertising policies. And right now the company is under further pressure with the 'The Facebook Files' hype.
After the rebranding in October 2021, Zuckerberg is under considerable pressure. There has been a lot of commentary on the flawed functioning of his company's apps, as a rebranding doesn't solve or contribute anything at all. The media is increasing the pressure by making thousands of internal documents public. This exposes all the company's weaknesses, which is of course no pleasant surprise for the CEO.
What's in the Facebook Files?
Why are those Facebook Files so sensitive? Well, because it's about protecting the 'weak' and of course an overall sense of duty. Consider, for example, the fact that Instagram has a very bad influence on the self-image of teenagers. Facebook knows this, but does not intervene and invites teenagers to participate.
You would think that everyone can and should do the same on Facebook's platforms, but there are exceptions for an elitist group of actors, athletes and popular figures. They flout the rules and are not punished for this, as is the case with ordinary people (you and me).
Whistleblower Frances Haugen also revealed in October of this year that Facebook was contributing to the storming of the Capitol. By disabling the security measures, the social platform had its share of the out-of-control situation, which certainly did not slow down the storming in Washington. Of course, this was denied by the media mogul, but what does such a denial mean?
Meta memes?
Where is the focus of Meta?
Where previously the focus was on connection and contact, this will now be shifted. It is not just a name change, but a complete rebranding. Meta will focus on new pillars, such as fun, friends, family, reality & apps. Or, as Mark himself puts it: 'From now on, we're going to be metaverse-first, not Facebook-first.'
Where we as users are mainly looking for connection with each other, with our passions, activities and future, it is different for Meta. We are looking for the right technology and would like to use it, but Meta wants to develop this technology for us.
Metaverse is a future 'virtual' reality, but What exactly will this mean and what role does Zuckerberg want to play with his company?
What is the Metaverse
The whole virtual reality idea from a 1992 Sci-Fi book, Snow Crash.
The metaverse is a virtual, shared space, which is formed by the combination of the internet, augmented reality and virtual reality. Everything comes together in this futuristic world, through existing, shared and 3D virtual spaces.
Since Meta's mission is - and Facebook's was -
'connecting people / bringing people together',
It is only a small step towards the metaverse. From this objective, it is also easy to understand that this fits in Zuckerberg's vein. What is up for debate, however, is the fact that the metaverse is a world where people come together. And of course that world shouldn't be owned by anyone, let alone a large, powerful company.
What are Zuckerberg's metaverse ambitions?
Bringing people together via a social platform? Facebook has been successful at this for years. The fact is, however, that we mainly experience the entire internet from behind our desk or from the lazy chair. We look at screens on which a flat 2D world fills our brains. Zuckerberg wants to see this more interactive and thinks that the metaverse can really help.
By coming together in 3D in a virtual world, the possibilities seem endless. You can meet, connect with each other and pull everything towards you. You no longer look into that world from your desk chair, but you are part of it.
Is the metaverse a safe thing?
Security and privacy are important when we talk about the metaverse. Facebook isn't really known for excelling in this area. From hate speech to privacy scandals, it's all happened in Facebook history.
Of course, privacy settings play a major role in this, because what does the platform know about you, and what can you consciously protect? And then, how do you actually do that? Facebook is pretty limitless here, but hey, if you want to remain anonymous, you'd better ban your PC and smartphone...
In addition to the default settings, Facebook also uses your private data to advertise and target. This is banned in many countries, encouraging unfair competition. By raising the rates and still using secret data, it is possible for the superpower to win more and more in advertising costs.
But just because Facebook is considered unsafe, or unfair, doesn't mean that the metaverse is or will be unsafe. Safety is and remains a difficult subject, because the frameworks are different for everyone. There are also dangers that you may not have taken into account yet, so why not read on?
What are the risks of the metaverse?
For starters, the metaverse is like an extra universe, so you have similar risks to your current day-to-day life. Think of advertisements, physical security risks and privacy-related matters.
Let me first emphasize that ads are sometimes more in-depth than you think. It says something about your search behavior and therefore you as a person. Your interests, wishes, hobbies and daily grind are thrown into your lap by means of ads. You need expertise to protect yourself from this, and of course also to prevent this personal information from being shared with the rest of the metaverse users.
One of the worst things that can happen is that Zuckerberg is blamed as the founder or. owner of the metaverse will see. The metaverse belongs, or rather, cannot belong to one person, company or owner. It is a world that we create, fill and utilize together. That's where the power lies.
Physical risks
Then you might think: physical risks? Yes, because inherent to the metaverse are the VR glasses. You require this to imagine yourself in other dimensions, but because of this you lose the realistic view for a while. Several accidents are already known! Think of people who forget to clear the space and cables or other objects. Not to mention countless accidents that have happened in which children or pets are hit with an object.
Marketing in the metaverse
Finally, privacy rules are of course not yet set for the future. We live in the now, and with the arrival of the metaverse this becomes many times more complex. For example, can you just record something in this new, attractive 3D world? What about the limits for marketers? Reaching adults in a permitted manner is one thing, but how do you ensure that children are and remain safe?
Games are already triggering them more and more and many children lose sense of reality, but what about the experiences in the metaverse? Are they going to confuse this with the 'offline' world and become overconfident? Or really scared? What restrictions do marketers have for this and can they be enforced? Not to mention the data that is collected from brain waves. Yes really...
Conclusion
I feel that there is still a lot to discover. There are privacy issues, technical challenges and much more. It is inevitable that the metaverse will come and that Meta (Facebook) will play a role in this; that is obvious. But let's hope and ensure that it won't become a Zuckerberg monopoly, by warming up an infinite number of parties and users.
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still using Facebook but not a ton, mostly to stay in touch with old friends and colleagues
I do it mostly for messages and I sometimes just watch some memes and realize that I'm watching them since hours.
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on both, you should know meta wouldn't have been here if not for facebook
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The only thing I fear is the marketing part you mentioned at the bottom. Meta is for-profit by design and unless they come up with a product that everyone will need to purchase for participation (like the Spellbook in Splinterlands) and if that product doesn't bring in consistent and stable revenue the only thing left to sell is data.
Also if they introduce ownership they will probably need to introduce KYC and that should sound a bit scary to people knowing how amazing Facebook's track record is.
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it's been over 5 years since I used Facebook. For me it just became very boring with people forwarding the same recycled memes / videos or them posting vague status updates in order to encourage people to give them sympathy. Not to mention the Evilness of their Corporate practices.
Posted Using LeoFinance Beta
Definitely not using it on purpose. I wish Meta to be a huge fail :)
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I haven't really touched Facebook in a long time and I don't have a desire to go back there. However I wish Zuckerberg doesn't control the off and on ramps to the metaverse.
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I don't really understand how this Facebook metaverse are doing. I don't think I will make use of this Facebook metaverse
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I seriously don't think many people want to put on a VR mask and I think Meta will basically be the end of Facebook
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Metaass
I still using FB and Messenger but not much.
Just to keep in touch with old friends and my family.
Posted Using LeoFinance Beta
Still use Facebook a good bit; have several "pages" belonging to businesses and one non-profit organization. Still have messenger on my phone; it's convenient that the operates inside the FB interface. Use Instagram a little, but not very often.
Is this thing going to work? It might, if the focus is on recruiting from the youngest end of the scale. Personally... at middle age, I have ZERO interest in living inside a virtual world.
=^..^=
I have not used FB since 2015! I created an account that has no use apart from when I need it for certain applications. I have not missed it :)
Posted Using LeoFinance Beta
Well, neither facebook nor meta is something I'm personally interested but for networking its important. I don't want a copy of mine in virtual world which is the main concept of META. Many people have privacy concern, I prefer involving myself in crypto world which really deserve my time and honestly, yes money is the fact. Thanks for the discussion or blog. Have a nice day!
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I stopped using them when they froze a long-time account I had because of their "real-names" nonsense. Lost everything I'd contributed to them with no way to get it back. The other reason were the privacy concerns that have long dogged Facebook. Happy to be gone.
Posted Using LeoFinance Beta
I stay away from Facebook!
Posted Using LeoFinance Beta
Deleted the facebook app from my phone a long time ago and have barely been back since. A few times to look up a person for birthdays or whatever but practically have no use for it.
I'm too busy on web3 to waste time making money for facebook.
Posted Using LeoFinance Beta
For me, anything that comes from that direction is just to help create a buzz around the crytoverse and metaverse. Even if I were gifted free assets relating to Facebook's meta, I'll sell off everything within 24 hours. It'll be hard for them to win my trust.
Posted Using LeoFinance Beta